708 2nd St NW

Duplex · 2 units: 2 bed / 2 bath and 3 bed / 2 bath · 2,976 sq ft

Cash flows

30 photos

Photos courtesy of RE/MAX Northland, via Realtor.com.

Asking price: $179,900
Monthly cash flow: $845
Estimated rent: $3,150/mo
Break-even price: $338,662

Adjust the numbers See the full breakdown

From the listing

Investors and owner-occupants take notice! This well-located duplex offers an excellent opportunity to own an income-producing property in the city of Aitkin. The main-floor unit features 2 bedrooms, 1 bathroom, large kitchen and living space. There is also a spacious enclosed porch at the front entrance. The back entrance has a stairway access to the basement. The upper-level unit has a private staircase entrance from the alley side of the home. Offering 3 bedrooms, 2 bathrooms, large living room and kitchen. This property provides flexibility for a variety of tenants and also boasts a large 24 x 24 detached 2-stall garage with alley-access. Offering ample space and protected storage for vehicles, seasonal toys, and tenant parking in addition to the yard parking available along the alley. Enjoy this ideal location within walking distance of the high school and downtown Aitkin, with restaurants, shopping, services, and local amenities all close by. Whether you're looking to expand your real estate portfolio or live in one unit while generating rental income from the other, this property offers an ideal opportunity to invest in Aitkin's local housing market. A great opportunity to own a versatile, income-producing property.

Listing courtesy of RE/MAX Northland (Jared Lundgren). Description from Realtor.com, MLS #7145539. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 2-unit in Aitkin at $179,900, and our estimate shows about $845/month cash flow with a 12.0% cap rate at 20% down. That looks strong, but the taxes are unverified because we couldn't match a county parcel, so treat the cap rate as soft until you see the real tax bill. The description gives no rents, no lease status and no repair history, and the photos show an older home with mixed-age finishes, a panel with possible exposed wiring near the laundry, and no roof or basement shots. Ask for the rent roll, utility bills and the age of the roof, heat and wiring before anything else. It's worth a showing if the real rents are near our estimates of $1,550 and $1,600.

Things to consider

Income is unverified Cash flow rests on our rent estimates, not actual rents. If tenants pay less, the cap rate drops fast.
Taxes not matched to a county record Taxes are a large expense and an investor may pay a higher non-homestead rate. A wrong figure changes cash flow.
Electrical needs inspection The panels and wiring by the laundry look rough, and an old 1930 house may have dated wiring. Insurers and repairs could cost money.From photo 7
Dated interiors in the main unit Original-looking finishes and the in-room tub may limit rent and need updating between tenants.From photo 5
Small-town rental market Aitkin has a thin tenant pool, so vacancy can run longer than in a metro area. Check local demand.
Garage adds value A 2-stall detached garage helps tenant appeal and may support extra rent.Listing says: “large 24 x 24 detached 2-stall garage with alley-access”

From the photos

Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.

AI-assisted first read of the listing description and photos (Claude), checked against public records. Every rent and repair above quotes the listing; verify with the agent, leases and an inspection.

The numbers

Edit rents, costs and assumptions

Default: 20% down (no PMI), offer at asking, self-managed, 7.00% for 30 years, buyer pays closing costs (3%).

The deal

Price: $179,900
Cash to close: $41,377
Price per unit: $89,950
GRM: 4.8

Each month

Cash flow: $845/mo
Cash-on-cash: 24.5%
Cap rate: 12.0%
DSCR: 1.88×

Break-even

Price that breaks even: $338,662
Rent that breaks even: $2,067/mo

Long run

Year 30: property vs stocks: $2.07M vs $315K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$3,150
Vacancy (6%)	−$189
Collected	$2,961
Property tax Listing	−$212
Insurance Estimate	−$212
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$252
Capital reserve (8% of rent)	−$252
Net operating income	$1,802
Mortgage (principal + interest)	−$958
Cash flow	$845
Principal paid down (equity, not cash)	$122

Cash flow each year

Rents +3%/yr, costs +3.5%/yr. Red bars are months you'd cover out of pocket.

30 years

How those totals add up

If you buy this building$2,068,619

Your equity when you sell: $410,465
Rental profits, invested at 7%: $1,658,154

Same money in stocks$314,972

Cash to close, invested at 7%: $314,972

The building comes out $1,753,647 ahead after 30 years.

Future dollars. At 3% inflation, divide year-30 figures by about 2.4 for today's buying power. Rental profits are assumed invested, not spent.

30 years: this property vs. the same money in stocks

This propertyStocks at 7%

Year 30 (loan paid off): property $2.07M, stocks $315K. The property wins.

Comparable rentals

Nearby rentals RentCast matched to each unit type, as of 2026-10-06. The estimate above is RentCast's, weighted toward the closest matches.

2 bed / 2 bath estimate $1,550/mo · range $1,450–$1,650

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
315 1st Ave SW, Apt 314, Aitkin 56431 off market	$1,165	2 / 1	802	0.6 mi	2026-07-07	77%
315 1st Ave SW, Apt 301, Aitkin 56431 off market	$1,150	2 / 1	802	0.6 mi	2026-05-05	77%
315 1st Ave SW, Apt 317, Aitkin 56431 off market	$1,165	2 / 1	802	0.6 mi	2026-05-27	77%
315 1st Ave SW, Apt 206, Aitkin 56431 off market	$1,165	2 / 1	802	0.6 mi	2026-03-13	77%
315 1st Ave SW, Apt 115, Aitkin 56431 off market	$1,150	2 / 1	797	0.6 mi	2026-05-27	77%
100 4th St, Ironton 56455	$1,275	2 / 1	—	12.8 mi	2026-05-23	70%
27356 Ross Lake Rd, Aitkin 56431	$1,350	3 / 2	—	10.3 mi	2026-08-13	69%
315 1st Ave SW, Apt 316, Aitkin 56431 off market	$1,025	1 / 1	562	0.6 mi	2026-09-28	65%
315 1st Ave SW, Apt 116, Aitkin 56431 off market	$1,020	1 / 1	562	0.6 mi	2026-06-05	65%
315 1st Ave SW, Apt 305, Aitkin 56431 off market	$1,025	1 / 1	562	0.6 mi	2026-03-20	65%

3 bed / 2 bath estimate $1,600/mo · range $1,450–$1,750

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
27356 Ross Lake Rd, Aitkin 56431	$1,350	3 / 2	—	10.3 mi	2026-08-13	78%
315 1st Ave SW, Apt 314, Aitkin 56431 off market	$1,165	2 / 1	802	0.6 mi	2026-07-07	67%
315 1st Ave SW, Apt 317, Aitkin 56431 off market	$1,165	2 / 1	802	0.6 mi	2026-05-27	67%
315 1st Ave SW, Apt 301, Aitkin 56431 off market	$1,150	2 / 1	802	0.6 mi	2026-05-05	67%
315 1st Ave SW, Apt 206, Aitkin 56431 off market	$1,165	2 / 1	802	0.6 mi	2026-03-13	67%
315 1st Ave SW, Apt 115, Aitkin 56431 off market	$1,150	2 / 1	797	0.6 mi	2026-05-27	67%
100 4th St, Ironton 56455	$1,275	2 / 1	—	12.8 mi	2026-05-23	61%
210 8th St NE, Crosby 56441 off market	$1,575	3 / 2.5	—	11.4 mi	2026-06-11	60%
315 1st Ave SW, Apt 316, Aitkin 56431 off market	$1,025	1 / 1	562	0.6 mi	2026-09-28	56%
315 1st Ave SW, Apt 116, Aitkin 56431 off market	$1,020	1 / 1	562	0.6 mi	2026-06-05	56%

On the maps, this property and comparable rentals. Comparable rentals and rent estimate: RentCast. Rents are asking rents from listings; check them against the actual leases.

Red flags and opportunities

Watch for

highNo rents, lease terms or occupancy stated, so income is unproven Listing says: This property provides flexibility for a variety of tenants · AI review
mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 708 2ND ST NW
mediumElectrical panels sit beside the laundry area with debris and exposed-looking wiring; condition needs an electrician's look Based on: photo 7 · AI review
mediumTaxes and unit count unverified, so the underwriting could be off Based on: data: rule_flags · AI review
mediumHeat type and who pays utilities are not stated; separate meters unclear Based on: data: county.heat_type · AI review

Opportunities

Price looks low against our rent estimates; underwriting shows positive cash flow at ask Based on: data: underwriting.cash_flow_monthly · AI review
Owner-occupy one unit and rent the other to cut housing costs Listing says: live in one unit while generating rental income from the other · AI review
Detached 2-stall garage with alley access could add rent or storage income Listing says: large 24 x 24 detached 2-stall garage with alley-access · AI review

Questions for the agent

What are the current rents, lease terms and security deposits for each unit?
Who pays heat, water, electric and trash, and are there separate meters?
How old are the roof, furnace or boiler, water heater and electrical panels?
What are the actual property taxes, and is the property licensed as a rental in Aitkin?
Is the upper unit's second bathroom and third bedroom legal, with egress?
Why was it listed, and is either unit occupied now?

Bottom line

Numbers look good on paper at $179,900, but without rents, taxes or system ages it's a showing-worthy maybe, not a confident buy. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Listinglisting, tax year 2026. The tax the listing states. If the seller lives there it may be at the lower homestead rate; an investor owner pays the non-homestead rate, often 20–40% more on the owner's unit.	$2,550
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,544
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid	$170
Heat / mo Assumptionassumption. tenants pay heat; confirm with the agent	$0
Lawn care / mo Assumptionassumption. $120/mo for 6 months, spread over 12; no snow removal	$60
Repairs / capital reserve Rulerule. base rate	8% / 8%

Price history Realtor.com

On the market since 2026-09-18 (17 days); down $20,000 (10.0%) from the first ask of $199,900; last sold for $35,000 on 2010-04-09.

Date	Event	Price
2026-10-01	Price changed	$179,900
2026-09-18	Listed	$199,900
2014-06-04	Removed	$46,900
2014-04-09	Price changed	$46,900
2014-03-03	Price changed	$49,000
2014-02-24	Price changed	$54,900
2013-11-01	Price changed	$59,900
2013-10-03	Price changed	$64,500
2013-09-03	Listed	$46,900
2013-09-03	Listed	$69,500
2010-04-09	Sold public record	$35,000
2009-06-04	Sold public record	$37,684

From the listing Listing

Listed as	duplex up and down
Property tax, 2026	$2,550
County	Aitkin
Parcel number	561077800

As the listing states it (NorthstarMLS, via Realtor.com). We don't have county records here yet; check the tax, homestead status and special assessments with the county.

Crime, rental-license and vacant-building records are only available for St. Paul and Minneapolis so far. Check with Aitkin on rental licensing before you buy.